New Ferratum bank in Malta ‘no surprise’ – PM

DOI - Jason Borg

Ferratum Bank’s new offices were inaugurated today with Prime Minister Joseph Muscat saying that it is “no surprise” considering, among other things, the way Malta has been performing. The Prime Minister added that the fact that this bank is opening here shows a “huge statement of commitment towards us as a financial services jurisdiction.”

The bank was established in 2005 and, following growth from the beginning, is now operating in 25 countries. Ferratum, according to their website, is all about borderless banking, needing only a mobile number to text payments to third parties, boasting a free contactless MasterCard and a “flexible overdraft” system where money is “always available”.

DOI – Jason Borg

The Prime Minister said that the government is currently empowering the Malta Financial Services Authority (MFSA) to “strengthen its supervisory structures, information technology, and knowledge management platforms.” This with the eventual goal of the MFSA reaching a new level of excellence with renewed focus on technology and information management so that the financial services sector can continue to be “revolutionised within the Fintech and Regtech space.”

In his speech, Muscat spoke about Malta embarking on a new journey “embracing innovation and thought leadership in DLT-based business.” He was also certain that Ferratum Bank will continue to embrace the “Fintech revolution” in order to continue to develop new products and services.